Aging in Place: A Growing Trend
Since my dad turned 95 last month, I've become somewhat of an expert on senior living options. Thankfully, he doesn't need a nursing home yet. He prefers staying in his own home and isn't keen on assisted living facilities (he's tried that and wasn’t a fan). However, it's becoming increasingly challenging for him to live at home by himself.
A rapidly growing industry with long-term potential is helping seniors remain in their homes longer, avoiding the high costs and overcrowding of nursing homes. As the population ages, builders and contractors are increasingly focused on meeting this demand.
Most seniors prefer to age in place, staying in familiar surroundings that benefit their physical and mental health. Financially, it also makes sense. Nursing home care costs skyrocketing, averaging $9,000 per month nationwide and $13,000 in major cities.?
Staffing shortages further drive these costs. Assisted living facilities, while less expensive, still average $5,500 per month, rising to $7,000 in urban areas. Aging at home offers significant savings, but often requires extensive home renovations to make the space safer and more accessible for seniors, creating opportunities for skilled contractors.
Common home modifications include installing grab bars, wheelchair ramps, and widening doorways. Additional changes might involve raising electrical outlets, lowering light switches, replacing flooring with softer materials like bamboo or cork, and modifying kitchen spaces with pull-out shelves and lower countertops.
More extensive renovations can include moving the master bedroom to the first floor, replacing bathtubs with walk-in showers, or installing wheelchair lifts on staircases. Exterior modifications, such as building a wheelchair ramp at the front entrance, are common.
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Builders are increasingly catering to these "age-in-place" needs. Realtors report that even younger buyers seek "forever homes," where they can live for the rest of their lives. Builders and contractors can gain a competitive edge by becoming Aging in Place Specialists certified through the National Association of Home Builders.
Financing these upgrades can be challenging. Seniors with limited cash but substantial home equity may consider options like reverse mortgages or home equity loans.
In addition to home modifications, a wide range of tech devices is making it easier to monitor and care for seniors remotely. Remote monitoring systems can track blood pressure, glucose levels, and other vital signs. Sensors can detect movement and track daily routines, while smart home devices manage everything from door locks to appliances, adding safety and convenience.
The senior care franchise sector is thriving. Beyond traditional senior care services, franchise offerings now include senior day programs, in-home aides, personal chefs, health care providers, personal trainers, safety and mobility experts, and handyman services.